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Essay / Research Paper Abstract
This 4 page paper considers how ethics, legal issues and the approach to corporate social responsibility will impact on the way management make decision for an organization with either a focus on the direct and indirect economic performance of the company or the user of a broader stakeholder approach. The bibliography cites 5 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TECSPlan.rtf
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Unformatted sample text from the term paper:
will also reflect the underlying values of management that have determined the strategies. The values will determine the way that legal, ethical and social responsibility will come together when making
plans for the company. This is true for any firm from manufacturing, to services and logistics. There are different approaches that may
be taken. Two models of corporate social responsibility and the resulting cooperate governance can be used as a framework to look at how legal and ethical issues can combine; shareholder
wealth maximization and corporate wealth maximisation models. The school of shareholder wealth maximisation sates that it is the shareholder who is the
principle concern of the organisation (Dobson, 1999). A proponent of this school of thought was Milton Freidman, a highly regarded economist, capitalist and Nobel prize winner. Friedman had a simple
view on the responsibility of a company (Chryssides et al, 1999). Friedmans argument was that business have only one social responsibility and that is the responsibility to their shareholders or
owners; the increasing of their profits (Chryssides et al, 1999). This is the Shareholder wealth maximisation model. Milton Friedman was a capitalist and an unwavering supporter of Laissez faire
capitalism, that is freedom form intervention of any sort save that of force in the preservation of freedom (Chryssides et al, 1999).
The effect of this statement is obvious; it denies that there is any further social responsibility apart from that needed for business purposes, which include compliance with the
laws of the state within which the operations take place (Chryssides et a, 1999, Dobson, 1999). This argument is not quite as simple as it seems. It does not deny
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